Sterling sells Winter Park retail center for $72.75M after a “textbook repositioning”

Palm Beach-based Sterling Organization sold the Center of Winter Park with a 97% occupancy rate and got $45.1M more than it paid in 2013

Miami /
Aug.August 05, 2018 04:00 PM

Brian Kosoy of Sterling Organization

Palm Beach-based Sterling Organization stabilized and sold an Orlando-area shopping center for $72.75 million, or $45.1 million more than its acquisition price.

A “textbook repositioning” of the shopping center more than doubled its net operating income, Brian Kosoy, managing principal, president and chief executive officer of Sterling Organization, said in a prepared statement.

Sterling sold the 244,977-square-foot Center of Winter Park with a 97 percent occupancy rate to AEW Capital Management.

Sterling paid $27.65 million for the shopping center, located in Winter Park at the intersection of Lee Road and Orlando Avenue, 4.5 miles from downtown Orlando.

Sterling’s value-add institutional fund, Sterling Value Add Partners, LP (SVAP), acquired the shopping center in 2013.

The SVAP fund is fully allocated and now owns six assets in four markets totaling approximately 2.7 million square feet of gross leasable area.

In 2014, former anchor tenant Kmart closed its department store at Center of Winter Park.

Sterling subsequently refilled the former Kmart space with single-tenant stores operated by Ross Dress for Less and DSW and a combination store operated by HomeGoods and Marshalls.

Five Below, a discount retailer to teenagers, opened a store in what had been Kmart’s garden center at Center of Winter Park.

Sterling also improved the shopping center’s façades, landscaping, lighting, parking lot and signage.

The Palm Beach-based private equity investment firm negotiated lease extensions with LA Fitness and Michaels and new leases with such tenants as Blaze Pizza, Great Clips, MetroPCS, Petco, Stretch Zone, Tropical Smoothie Cafe and Zoës Kitchen. – Mike Seemuth


Related Articles

arrow_forward_ios
Fruchtlander family buys Hollywood, Florida rental for $32M
Fruchtlander family buys Hollywood, Florida rental for $32M
Fruchtlander family buys Hollywood, Florida rental for $32M
Moishe Mana buys Allapattah site as he doubles down on Miami
Moishe Mana buys Allapattah site as he doubles down on Miami
Moishe Mana buys Allapattah site as he doubles down on Miami
Robert Finvarb and Abraham “Abie” Hidary with the site at 2534 North Miami Avenue (Koniver Stern Group)
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
Developer David Edelstein and Robert Levine of RAL Development with the project (Getty, RAL)
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...